ComplaintsforPlan Administrators, Inc.

• Initial Complaint

  04/18/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On March 16, 2023, I faxed over my roller distribution request forms to PAI. I have contacted PAI customer service 7 times since then to see where the distribution check was and today is over a month later and I still haven't received the rollover into my ******************* *** account. This rollover request was for a hardship in which I am still experiencing, because of the lack of assistance and customer focus on ********************. My last call was on Thursday, 13 April 2023, I spoke with ******, who was able to tell me that the check hadn't been cashed and to call back on Friday, 14 April to stop and replace the check, if the check had not been received. On Friday, 14 April, I called and spoke with a gentleman who stated that he could stop and re-issue the check, but I would have to pay $25.00 and an additional $35.00 to stop and reissue the check. I advised him that I didn't have $55.00 because I was in the process of getting evicted from my home. I was transferred to a supervisor, I think her name was ******, in which she too stated that PAI had to pay to have the funds stopped and reissued and that PAI did their part, so it was left up to me to pay the funds and get a check reissued. Neither of these CSR's were any help at all. At no point would they provide me with a copy of the check or the address they mailed it to so I can provide it to Fidelity to track receipt on their end. At no point do I know if the correct rollover information was added this this check to ensure that it would be rolled over into my *** account. Out of the 7 times I have called and have spoken with someone, only one person really investigated this matter and could provide helpful information.

  Business response

  04/25/2023

  We are sorry that your experience did not meet your expectations. As outlined in Distribution Request Form paperwork you provided on 3/16/2023, PAi is not able to submit requests for withdrawal until all required paperwork has been received and reviewed for accuracy. Unfortunately,due to missing information (employer page and signature), we were not able to begin the distribution process until all necessary information was received.The requested distribution check was mailed to your new Third-Party Administrator (***) on 3/31/2023. On 4/20/2023, PAi received the returned check from the *** stating they could not identify the participant. PAi confirmed the check was made payable correctly with your account number. ********************** reissued a check, as you requested, and mailed it to your new *** on 4/21/2023.

  Our ************* Team is committed to helping our customers and accommodating their needs as quickly as possible.If you have any further questions, please do not hesitate to call us directly.

• Initial Complaint

  12/27/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I had a retirement fund from a job several years ago and had forgotten that it had existed. I wanted to claim the funds to transfer them over to another account only to find out that sometime in 2018 between July and September all of the funds in the account had been reported as distributed. I have not had access to this account since it was made and was only just able to log in recently so there is no reason that the funds would have been distributed. I checked with the ****************************** Retirement Benefits and no funds have been reported in my name as unclaimed so it would appear that PAI has stolen my old retirement fund. I want it back.

  Business response

  01/09/2023

  This participant's money has been moved to an *** account, and we are working with this participant offline to help them locate their funds.

• Initial Complaint

  03/22/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  This company withdrew funds from my paycheck WITHOUT MY CONSENT. Let me say that again: PAi withdrew money from my personal paycheck WITHOUT MY CONSENT!! They then deposit this STOLEN money into a bogus 401k account, where they charge ridiculous monthly administrative fees!! They are effectively draining my account until it will be completely empty soon!! When I try to withdraw MY MONEY, but they throw up ridiculous red-tape and hoops to make it as difficult as possible to get MY MONEY!! This company PAi is stealing money from me and others!! If you take money out of my paycheck without my consent, then THAT IS THEFT!! This company is slimy!! They are crooked and should be put out of business!! They should be investigated by the State AG Office. I will also file a formal complaint with the SEC. They are as crooked as a company gets!

  Business response

  03/24/2022

  *****, A 401(k) is a type of retirement savings plan offered by an employer as a way to allow employees to contribute a portion of their wages to their individual accounts. Automatic Enrollment is a retirement plan feature selected by the employer/plan sponsor for their 401(k) plan offering. You were informed on 9/14/21 via **** letter that you would be automatically enrolled in your employers retirement plan, a feature chosen by the employer, when you became eligible to contribute on 10/14/21. The letter also included instructions on how to opt out of the auto enrollment feature to prevent any contributions from being withheld from your paycheck, should you choose not to contribute. PAi did not hear from you regarding the status of your account until 11/2/21, at which point we helped you stop contributions to the plan.
  
  While we understand you are no longer employed with the 401(k) plan sponsor, there are specific criteria required by law in order for a distribution to occur. You may access the necessary Distribution Request Form by logging into your individual site at apps.pai.com and navigating to Documents > Forms > Distribution Form. For your convenience, we have also emailed it to you. Once the required distribution paperwork is received in good order, your distribution will be processed within 15 business days, in addition to mail time. If you have any additional questions, please contact our ************* Team.
  
  ********************** regularly completes cost comparisons with other 401(k)providers, and it is standard practice for TPAs to charge administrative fees to cover the costs of maintaining the plan. Additionally, all plan fees are transparently outlined in the plans Fee Disclosure Document available on your individual account site.

  Customer response

  03/24/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

  I did NOT receive any correspondence from you regarding this ridiculous automatic enrollment feature.  Did you send it certified mail?  You certainly didn't email me!  Bottom line: It is NOT ETHICAL to take money from my paycheck WITHOUT MY KNOWLEDGE and WITHOUT MY CONSENT!!  I have consulted my Congressman, and he agrees with me.  I hope you hear from Congress soon in a very big way!  Furthermore, you carelessly threw my money into a RANDOM fund, again, WITHOUT MY KNOWLEDGE and WITHOUT MY CONSENT.  Please tell me: How did you choose this fund for me?  You certainly didn't receive any feedback from me!  You certainly didn't ask me about my investment goals or objectives!  Are those not important?  Pray tell, how did you choose this fund for me?  Did you roll some dice?  Flip a coin?  Use an Ouija Board?  Whatever you did, you certainly DID NOT consult me!  Bottom line is that you DIDN'T CARE which fund you put my money in.  Bottom line: You just wanted my money inside your slimy company so that you could slowly drain it with ridiculous "admin fees."  And you have been very successful at draining my account with your sinister "admin fees." Your admin fees account for the vast majority of my losses!!  I will not stop until slimy companies like PAi are out of business!  You have NO RIGHT TO DO WHAT YOU DID!  Your day is coming!

  
  Regards,
  
  ***********************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩